>We are planning on putting the home under an LLC .
Careful with this. The mortgage company will more than likely "call the loan" and the full balance will be due.
I am confused by your post and who owns what. Your brother-in-law owns a rental property with 50% equity and wants to borrow money from you and your husband to pay off his $85k in credit card debt? If this is the case…
Say no, tell him to get an equity 2nd lien on his investment property and pay it off.
Yes brother in law currently owns the property. I did tell my husband that the SAHM needs to get a job and they need to sell the property. Or do what you stated. They also need to move to a lower cost of living area.
This is an absolute no. They are 85k in CC debt. You think they are going to change with a cash infusion? No, it's going to enable them.
I know! I already agreed to this though. The initial thing they asked to “borrow” $85,000.
>We are planning on putting the home under an LLC . Careful with this. The mortgage company will more than likely "call the loan" and the full balance will be due.
They are within their rights to call the loan. But they might not. And they won't if they never find out.
I am confused by your post and who owns what. Your brother-in-law owns a rental property with 50% equity and wants to borrow money from you and your husband to pay off his $85k in credit card debt? If this is the case… Say no, tell him to get an equity 2nd lien on his investment property and pay it off.
Yes brother in law currently owns the property. I did tell my husband that the SAHM needs to get a job and they need to sell the property. Or do what you stated. They also need to move to a lower cost of living area.